The S&P/ASX 200 index climbed 0.5 per cent to finish the session at 7,406.6 points, but notched its first weekly loss in three. The benchmark had dropped 1.9 per cent on Thursday.
“Optimism returned in the share market after most of the regions in Victoria exited shutdowns, fuelling hopes of a revival in business activity and speculations are rife that Sydney and Melbourne may also emerge out of extended lockdowns in the coming weeks,” Kalkine Group CEO Kunal Sawhney said.
Australian energy stocks advanced 0.9 per cent as oil prices jumped on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output.
Leading gains on the subindex, Whitehaven Coal added 3.06 per cent and Beach Energy gained 2.48 per cent.
Energy giants Santos and Oil Search also jumped as much as 2.7 per cent and 4.9 per cent, respectively, after the terms of their planned merger were confirmed earlier in the day.
Major miners rose 1.7 per cent, led by Nickel Mines Ltd , up 8.54 per cent, followed by Aurelia Metals Ltd, gaining 7.69 per cent.
Nickel prices leaped to a record high in Shanghai and surpassed a seven-year high in London on upbeat demand and dwindling inventories. Aluminium and copper prices also jumped.
New Zealand’s benchmark S&P/NZX 50 index was largely unchanged, closing the session at 13064.4 points.
